“PMAY have been able to create more than 6 Crore Jobs”: Union Minister for Housing & Urban Affairs

PMAY (U) is believed to have contributed its fair share on the creation of jobs too. On 18th December 2018, Hardeep Singh Suri, the Union Minister for Housing & Urban Affairs stated in the Lok Sabha that an estimated total of 6.07 crore employment might have been generated across the country through effective implementation of the PMAY(U). He cited this figure by drawing reference to a 2014 report by the National Council of Applied Economic Research (NCAER) which stated that 2.65 new jobs are created by the economy, with every investment of Rs 1 Lakh in the Indian housing sector. As per the report, the number of jobs created does not have any relation to any time duration.

The minister said that the PMAY (U) is well on track to achieve its stated goal and till December 12, 2018, 65, 43,970 houses across the country have received approvals for construction under this scheme. Out of this, construction work has started for 35, 49,531 numbers of houses, construction has been completed for 12, 26,530 houses and beneficiaries have occupied 12, 19,549 houses.

Under Pradhan Mantri Awas Yojna Credit Linked Subsidy Scheme, you can avail a subsidy upto Rs 2.67 lakh on your home loan. In case, if you fall under the eligibility criteria for the interest subsidy under PMAY Scheme, the lender will claim it from National Housing Bank (NHB). Apply for a home loan. The Pradhan Mantri Awas Yojana (Urban) or PMAY (U) was launched by our Prime Minister Narendra Modi in 2015 with the motto “Housing for all by 2022”. It aimed to provide financial assistance to beneficiaries and a goal was set to construct one crore houses across urban areas in the country by the year 2022. Read All about the Pradhan Mantri Awas Yojana (PMAY)